A Work From Home Business - Earning Income 24/7
Author: John T. Kelley Article source: http://www.articledeshboard.com/. Used with author's permission.
As a home based business entrepreneur doing a work from home business, it is imperative to understand the differences between linear and residual income.
I don't know anyone who doesn't want to work smarter than harder. By working smarter the payback can be much greater than what is currently being experienced with the same - or even less work. I normally refer to this activity as using Leverage.
If I were to suggest just five things to change your entire life for the better I would include developing a passive or residual income as one of those things.
I'd like to use this article to offer several elements about the various types of income and why having a residual income can be such an excellent addition to improve your quality of life.
The first type of income is what is referred to as linear income. Linear income earners consist of employees, independent contractors, or self employed businesses. You are trading time for money, and getting paid in direct proportion to how many hours you work. To earn more your only option is to work more hours.
The vast majority of people working for a linear income are people who work for other people. As employees they not only need to show up for work to get paid - they only get paid what that particular JOB is worth - no matter what their education, or work ethic is.
People like independent contractors, doctors, lawyers who make a lot more money are also linear earners. Even if they own their business they need to go to work to make their money. Again - they are trading time for money.
Some of you may be confused because you're thinking everybody earns income in the manner described above. Hold onto your hat because you're about to very surprised…
That's because you are about to learn how tens of thousands of people essentially go to work once and get paid a residual income over and over - even if they haven't showed up to work for weeks, months, even years!
Examples of people earning a residual income you're familiar with include authors, song writers, musicians, and inventors. These people worked on a project such as a book, an invention, a song, etc - and long after they completed that project they continued to earn income from it.
Now that's what I call working smarter rather than harder!
They don't have to show up at work by 9 am Monday morning 'or else'. Nope, they're time and schedules are their own. Even the highest paid surgeon is locked into a rigid schedule, and for that reason alone they are not free are they?
Other types of people who earn a residual income include Real Estate Brokers. They earn their money off the efforts of the Real Estate agents they have working for them. The broker may never even need to sell a house ever again if they have a couple of sharp agents working them.
Today most employees are living paycheck to paycheck. They have no extra money to invest for their future, and most are in dept. You could be the most loyal and qualified employee and still lose your job due to downsizing or restructuring.
You basically have little control of the size of your salary, or job security; and you are working to fulfill someone else's dreams instead of your own.
Residual income earners consist of some business owners, investors, and many home based business entrepreneurs; as well as other work from home businesses like network marketing. As mentioned earlier; you can also earn residual income or royalties paid from books, music, movies and investments like stock ownership.
With residual income you continue making money from your initial efforts, your income continues month after month. You don't have to keep working in order to keep getting paid. You are utilizing leverage. Just like some business owners, Network Marketers are able to leverage other people by getting paid on the efforts of others.
America's first Billionaire, J. Paul Getty understood this principal when he stated, 'I'd rather have a 1% effort from 100 people than a 100% effort from one person'.
An increasing number of people are recognizing that to control their financial futures, they can't accomplish that by working for someone else. The most effective way to do that is to have your own business.
Most of us may not have the talent to create songs or books. Even more people don't like the idea of investing a massive amount of money to start a business. These people have now recognized that taking advantage of being a network marketing home based business entrepreneur is simple to do. In addition, when compared to starting a traditional business these options are downright inexpensive.
Better yet, it can also offer both an immediate income and the opportunity to build an ongoing residual income as well. Other benefits to consider is the business training they offer; the fact that a product or service has already been developed and marketing materials are readily available.
In my experience, using a network marketing opportunity to start a work from home business makes sense for every household as you are building residual income.
John T Kelley, Life Style Mentor and Successful Entrepreneur, is helping many become the next success story. Whether you're looking to create an extra few thousand dollars per month, be an ex-corporate executive, or the next millionaire Mom, John can assist you to create a second stream of income and greater peace of mind. visit : Entrepreneur
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